Under McCain's plan, will employer paid health insurance premiums be considered taxable income? I've heard both sides of this, but can't find a definitive answer on his website.
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Yes.. McCain wants to tax the group insurance premiums you pay through your employer. Right now they are taking from your gross pay and are not taxed. With McCain's plan they would be taxed and the $5000 tax credit would go to the insurance company. McCain also doesn't tell you that your current plan costs approximately $12000 a year, so you will have to figure out how to come up with $7000 to cover the rest. NOT to mention, the insurance companies will do what some banks and corporations, they will find a state where they are required to provide coverage for certain things ( like check ups, mammograms, etc). Then they will fill their charts in those states, so your coverage will not have those. Banks and corporations love to register in Delaware, because certain breaks they get there. In a nut shell, you will pay taxes on the premium you currently don't pay on, the coverage will not be as good and you will have to make the difference in your premium. Is that what you want??? Through my husband employer health care we pay $2500( tax free) and have a really good plan -- the prescription copay could be better, but at least we have it. God only knows what will happen with McCain's plan.
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